(Redmond, WA) CBRE has orchestrated the $35 million transaction of a downtown Redmond land parcel, with the buyer remaining undisclosed. The deal was brokered by Eli Hanacek, Jon Hallgrimson, Mark Washington, and Kyle Yamamoto of CBRE, representing the undisclosed seller.
Situated at 16135 NE 85th St., the 99,883-square-foot parcel holds full entitlements for a multifamily development comprising 425 units. Preliminary plans, before the sale, envisioned two nine-story apartment towers featuring one-bedroom, two-bedroom, and three-bedroom floor plans along with ground-floor retail spaces.
Strategically positioned, the site is conveniently close to the upcoming Downtown Redmond Link light rail station, scheduled for completion in 2024.
CBRE Group, Inc., renowned for its commercial real estate services and investment endeavors, is the world’s largest firm in this sector based on 2022 revenue. The abbreviation CBRE stands for Coldwell Banker Richard Ellis, and the company is headquartered at 2100 McKinney Avenue in Dallas, Texas.
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